Lifting the Offer: Bitcoin trading analysis for the week of August 3rd, 2015

Trading in July was heavily influenced by the events in Greece, trading in the Shanghai composite and speculative bets in the Litecoin market. Unlike July, August should offer greater stability through inactivity. The global financial markets typically generate less news and lower volumes in August and the bitcoin market should follow suit.

Bitcoin Price Recap

The bitcoin market closed out July on a quiet note with the majority of price movements occurring during Asia market hours. The price trended down slightly on low volumes as traders continue to search for new economic indicators to provide them with market conviction.

Resistance was met early in the week as prices peaked at $297. This resistance level should serve as an important boundary with some traders still underwater (approx. 5%) from long positions taken at last week’s high.

Bitcoin Trading Week Ahead

One thing to watch this week is if the bitcoin price can continue to hold at current levels. Last week marked the fifth time this year that the market climbed past $295. Unfortunately, each of these climbs have been followed by declines of greater than 5% the following week so traders should remain alert.

Overall, the bitcoin price has been on an incredible run this summer, with the market up roughly 25% since early-June. We’ll see if this momentum continues in August.

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marketplace in comparison to relatively large use by speculators, thus contributing to
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